Washington, D.C. – The U.S. Department of Agriculture has announced new, low rates for their Rural Utility Services loan programs.
The following rates will be effective on April 1:
- Market: 2.875%
- Intermediate: 2.25%
- Poverty: 1.75%
“These new low interest rates for the USDA Water and Waste Disposal Program are an opportunity for rural communities to upgrade, expand, or replace their infrastructure affordably and bring cleaner, more reliable service to rural residents,” said RUS Administrator Brandon McBride. “Funding is available and USDA is ready to work with rural water leaders now while this low rate window is open.”
USDA’s Rural Utilities Service administers programs that provide infrastructure and infrastructure improvements to rural communities.
“USDA plays a critical role in helping to expand economic opportunities and improve the quality of life for rural Americans,” said Sam Wade, CEO of the National Rural Water Association. “These rates are incredibly low, and systems would be wise to take advantage of this opportunity to make needed improvements.”
Project loans can have up to 40-year payback period, based on the useful life of the facilities financed. The interest rate is based on the need for the project and the median household income of the area to be served. Applications are accepted year round at local offices of USDA Rural Development, or online using RDApply: https://rdapply.usda.gov.